Life insurance is a policy that promises to pay a designated beneficiary a sum of money in result of the death of the insured. Terminal illness or disease can also trigger payments depending on the type of policy. Life insurance is a type of insurance that recognizes and acknowledges your life and death as an insurable event. This makes it the most important type of insurance that ensures reassurance and stability for both the policy holder and their family. As life insurance continues to evolve, now there are ways to us your life insurance policy to pay for medical treatments and nursing expenses in cases of terminal illness. There are also options to collect payments as if your insurance policy was an annuity.
How does life insurance help in case of illness?
Disability Income Insurance
Today, more than 25% of people in their 20s suffer from physical disabilities caused by accidents from work. . 37 million people in the United States are classified as disabled. Insurance is meant to be an investment for a stable future, however most people are unaware of this fact and tend to avoid purchasing insurance. To ensure a happy future for your loved ones, prepare for the future by purchasing disability income insurance.
Long Term Care Insurance
Unexpected health complications can affect your retirement plans. Are you prepared for high medical expenses during a crises? Long term care insurance provides customers with coverage for care that is generally broader than health insurance and also offers life insurance death benefits. This is the most ideal coverage for everyone that provides you with the most assistance when you are in need.
Annuities are investments that insurance companies issue that allow clients to achieve their financial freedom and retirement goals.